Revenue of 37.6 billion euros beat forecasts by about 1.7 billion, losses narrowed sharply and the carmaker kept its 2026 guidance. It still expects industrial free cash flow to turn positive only in 2027.
For Stellantis, a quarter that consumed 4 billion euros of cash counted as progress.
The carmaker reported third-quarter net revenue of 37.6 billion euros, up 1% from a year earlier and well above the 35.9 billion euros analysts expected. Shipments were 1.286 million vehicles, down 1%, with North America down 12% and Europe up 10%.
The net loss narrowed to 453 million euros from 4.5 billion euros a year earlier. Adjusted operating income rose to 256 million euros from 90 million, a margin of 0.7% against 0.2%.
The cash line
Industrial free cash flow was negative 4.0 billion euros, about 0.3 billion euros better than a year earlier. Industrial available liquidity was 42.7 billion euros, enough to absorb that pace for some time.
Stellantis reaffirmed its 2026 guidance: revenue growth in the mid-single digits, an adjusted operating margin in the low single digits and improved industrial free cash flow. It expects industrial free cash flow to turn positive in 2027.
A move that built through the day
The reaction grew as the day went on. The shares rose as much as about 6% in early European trading, then accelerated in New York, where they traded at about $4.77 in early afternoon, up about 15% from Tuesday's close of $4.14 on 87.6 million shares.
The rally suggests how low expectations had fallen. A company with a margin below 1% and a quarterly cash outflow of 4 billion euros rose 15% after revenue beat forecasts, losses narrowed and management kept its outlook.
Turnaround or relief rally?
The turnaround reading: revenue beat by a wide margin, losses shrank by about 4 billion euros, operating income nearly tripled, cost cuts are showing up in results, and management has kept a date for positive cash flow.
The relief reading: the business is still burning cash, North American shipments fell 12%, a 0.7% margin leaves little room for error, and positive free cash flow remains a 2027 promise rather than a result.
What to watch
Fourth-quarter shipments, especially in North America, progress toward positive industrial free cash flow, pricing and inventory at U.S. dealers, and results from Ford and other U.S. carmakers.